Security Alert
Law 5178/2024 on gender representation balance in the Board of Directors of the Greek companies was enacted by the Greek Parliament, with effect as of 14 February 2025.
Key provisions
Listed Companies | Τhe Corporate Governance Code (Law 4706/2020) regulating the governance of listed companies was amended to establish the obligation of participation of the underrepresented gender in the Board of Directors at a percentage of at least 25%.
In case of listed companies that meet certain size criteria, i.e., employ at least 250 employees and have an annual turnover of at least €50,000,000 or an annual balance sheet of at least €43,000,000, the participation threshold for the underrepresented gender rises to 33%. To add, if three (3) or more executive directors are seated on the Board of Directors, the 33% threshold requires that one (1) executive director should belong to the underrepresented gender.
Non - Listed Companies | The new Law introduces the option for non-listed companies meeting the above size criteria (article 87 of SA Law 4548/2018 was enriched) to amend their Articles of Association, if they wish to be subject to the minimum statutory participation (at least 33%) for their underrepresented gender in the Board of Directors.
Equality Mark Recognition | Α reward procedure for both listed and non-listed companies implementing equal treatment policies is envisaged. The rewarded company is granted an "Equality Mark" which is registered with the General Commercial Register (GEMI).
This legislative update reflects Greece's commitment to corporate diversity and inclusion, encouraging companies to foster gender balance at leadership levels.